NSEL gathers Rs 17 lakh on second day for third pay-out

SummaryCrisis-ridden NSEL had announced a seven-month plan to settle the dues to investors.

The National Spot Exchange (NSEL) could collect only Rs 17 lakh today from its members and clients against the third scheduled payout of Rs 174.72 crore which is due on September 4.

Of the 24 members, three members have paid a total of Rs 97 lakh so far (Rs 80 lakh was paid on August 28), the exchange said in a release. Crisis-ridden NSEL had announced a seven-month plan to settle the dues to investors.

The beleaguered bourse has already defaulted in the last two pay-outs as it was able to gather only Rs 92.73 crore in the first pay-out and Rs 12.05 crore in the second pay-out, out of the scheduled Rs 174.72 crore each. There are 24 buyers/members which have to pay Rs 5,600 crore to the spot exchange for settling dues to investors.

Meanwhile, NSEL declared ten more members (buyers) who failed to pay their dues on the second day of settlement on August 27 as 'defaulters', following directives from the commodity market regulator FMC.

NSEL, promoted by Jignesh Shah-led Financial Technologies (India) Ltd, is facing the problem of settling Rs 5,600 crore dues to 148 members/brokers, representing 13,000 investor clients, after it suspended trade on July 31 on the government direction.